By Vivian Emoni

The Federal Government says it will provide N100 billion through consumer credit fund to support the manufacturing sector.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, said this while briefing newsmen on clarifications on the implementation of 2024 Appropriation Act, in Abuja on Thursday.

Bagudu, who noted that the manufacturing sector was facing serious challenges, said that the fund would help to revive the sector.

“Our economy can gain if many people can pay for goods and services over a period of time just as it’s being done around the world. And it will help our manufacturing sector.

“The Consumer Credit is a veritable tool to provide access to goods and services to a lot of Nigerians. A committee is working on this.

“It has not been implemented. The money has not been withdrawn; the fund is a catalytic fund and it’s expected to grow,” he said.

The minister said that government was also providing N100 billion for agriculture sector.
He said that the fund was supposed to attract more funding so that the mortgage industry would grow bigger.
Bagudu further stated that government had equally made available N100 billion Energy Transition Fund to support the provision of Compressed Natural Gas (CNG) vehicles.
He said that when fuel subsidy was removed, government quickly provided N100 billion to support the provision of CNG vehicles which would consume less gas than fuel.
Bagudu added that a total of N60 billion had also been provided as student loan.
He said that although N50 billion was captured in the budget, another N10 billion was appropriated in the supplementary budget.
He said that the fund was part of efforts to cushion the effects of hardship on students.
“There was a N10 billion provision in the supplementary budget. Right now, we have N60 billion of student loan in the two budgets.
“We believe that our students should have an additional option,” he said.
The minister said that the federal government had also made provision for Youth Development Fund and Project Preparation Fund.
He used the opportunity to douse the tension surrounding the alleged padding of the 2024 budget to the tune of N3.6 trillion.
According to him, the word, ‘padding’ is a tautology and it’s now seen in negative form.
He said that while the constitution allowed the president to present a budget document to the National Assembly, the national assembly, on the other hand, had the right to add or subtract from the budget.
“In fact, the National Assembly has the last word when it comes to appropriation. So, they have the right to increase budget line,” he said.
The minister, however, said that when the constitutional rights were performed by the national assembly, it should not be seen as padding.
“When people talk about padding, the word has been narrowed to a negative form. Whereas in reality, there can be no appropriation without either addition or subtraction,” he said.

Bagudu said that the president submitted to the national assembly a consolidated revenue fund of N27,503,404,073,861, adding that the legislative body authorised a consolidated revenue fund of N28,777,404,073,861. (NAN) (www.nannews.ng)

Edited by ‘Wale Sadeeq

By Edeki Igafe

Dr Dayo Mobereola, Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), has urged the private sector to partner with it to unlock the immense potential in the Marine and Blue Economy.

Mobereola made the call during the handing over of the Offshore Waste Reception Facility for Central zone, to the concessionaire “African Circle Pollution Management L.td.,” in Warri on Thursday.

Mobereola was represented by Mr Kabiru Diso, the Head, Public Private Partnership (PPP) of NIMASA.

He urged shipping companies, local and international oil companies and other stakeholders operating in the Nigerian waterways to actively cooperate with the concessionaires.

He said that their cooperation was vital not only for regulatory compliance, but for the preservation of aquatic lives and sustainability of the Blue Economy

“Today is a significant and remarkable day, not just because we are handing over the site for the commencement of the implementation phase of the project.

“It represents the success of the commitment of the entities from the public and private sectors coming together to achieve a common goal of proper, effective and efficient collection and disposal of waste on our waters.

“This partnership holds immense benefits to the stakeholders involved. It allows us to develop critical infrastructure assets that meet immediate and long-term needs of the maritime sector and amongst others.

“I invite the private sector to explore the investment opportunities in the maritime environment and partner with NIMASA to establish a robust infrastructure that drives economic growth in the Marine and Blue Economy.”

He urged stakeholders to recognise the significance of the Offshore Waste Reception Facility, and the greater responsibility it brings.

” So let’s work together to ensure its success,” he said.

He explained that the project was Public-Private Partnership-driven, aimed at ensuring a clean and safe marine environment in line with the MARPOL conventions.

Also, Mr Mohammed Bappa, NIMASA Coordinator, Central zone expressed joy that the project was launched in his zone.

He said that with the inauguration of the project, the era of indiscriminate waste disposal was over.

Mabereola said that anyone caught abusing the waters would be severely punished according to the law.

Mr Bernard Alaeto, Head, Public-Private Partnership, Federal Ministry of Marine and Blue Economy, said that the ministry would give the concessionaire all the necessary support to succeed.

Mr Joe Ohiani, Director-General, Infrastructure Concession Regulatory Commission (ICRC), said that the project was basically midwife by the commission from inception till date.

Represented by Mr Ezeja Chidiebere, Assistant Chief Infrastructure Officer, ICRC, Ohiani said the commission would ensure that the contract agreement between the government and the concessionaire was strictly adhered to.

In his remark, Mr Umar Abubakar, the Chief Executive Officer of the African Circle Pollution Management Ltd., said that the project was a dream come true.

“It is one of those things that show that Nigeria is definitely on the part of ensuring that compliance is fully followed,” he said.

The highpoint of the occasion was the inspection of facilities of the African Circle Pollution Management Ltd. by NIMASA officials at the Delta Ports. (NAN)(www.nannews.ng)

Edited by Joseph Edeh

By Lucy Ogalue

The Corporate Affairs Commission (CAC), says collaboration is critical to enhance efficient service delivery that satisfies the yearnings and aspirations of all stakeholders.

The Registrar-General of CAC, Hussaini Magaji, said this at a One Day interactive session with customers and stakeholders in Abuja.

According to Magaji, there is a big gap between the registration process and compliance with post-registration expectations of entities.

“I want to appreciate your several interventions at various stages on this journey.

“To have in place a reliable legal framework which we collectively gave ourselves to regulate the activities of registered entities.

“You will agree with me that without regulation, the purpose of having the framework is defeated.

“We still have to work together to ensure that issues related to regulation of these entities are seamlessly implemented,” he said.

Magaji said that he was working with management of the commission to set strategic objectives that would usher in a new symbiotic relationship beneficial to all members.

“The commission under my leadership is continuously engaging with our software vendors to improve on areas that require urgent attention to make the Companies Registration Portal (CRP) perform optimally.

“This will resolve problems associated with delay in service delivery.

“The commission has also initiated the process of reviewing our operational checklist to bring it up to speed with international best practices.

“This will go a long way in simplifying our processes and also reduce the time cycle for our services and product delivery.”

Magaji said CAC was upgrading its call centre to a response centre that would attend to customer complaints and enquiries within 24 hours.

He said this would also address the anxiety of getting issues resolved not only on time, but also addressing the overall expectations of customers and stakeholders.

“I will be engaging and collaborating with all of you on a continuous basis to get inputs and suggestions from you.

“This will ensure a good experience in service delivery as we move forward on this journey,” he added.

While commending efforts of the stakeholders, Magaji reiterated the commitment of the commission to ensure it attained a status as the best Companies Registries globally. (NAN)(www.nannews.ng)

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Edited by Benson Iziama/Joseph Edeh

By Ese Williams

The Federal Government says President Bola Tinubu “will be judged by his ability to grow the nation’s economy, create employment, and reduce poverty.

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, gave these parametres at a Podcast hosted by Bruit Costaud in collaboration with Ballard Partners of U.S.A. in Abuja.

The News Agency of Nigeria (NAN) reports that the immediate past Minister of Information and Culture, Alhaji Lai Mohammed is the Managing Partner of Bruit Costard, a lobbyist and public relations firm and an affiliate of Ballard Partners.

“At the end of the day, Mr President will be judged on his ability to grow the economy, create employment, and reduce poverty.

“Within that context, he is going to be judged on inflation, stabilising the economy, increasing investment, government revenue, and managing government’s expenditure,’’ he said.

The minister also assured improved liquidity of foreign exchange in the market adding that the government would attract Foreign Direct Investments (FDIs) and bring people out of poverty.

He said the President was aware of the initial pains of the economic reforms being implemented and assured that the benefits would soon begin to show.

“Mr President is aware that his necessary reforms will come with some transition pains.  Before the medicine takes effect, there is some bitterness.

“In recognising that, he has shown commitment to making sure he doesn’t leave the poor, vulnerable, weak in the society behind.

That is why there are take-off intervention programmes alongside the reform programmes.

“I must say his reforms are a whole package on the fiscal and monetary sides, that is stabilising the economy, the exchange rate, and providing the platform for the economy to grow again,’’ he said.

According to him, the President intervened in the agriculture sector by providing grains and fertilizer to farmers ahead of the dry season farming.

Edun said the Federal Government also ensured the cultivation of an extra 200,000 hectares of farmland for rice, wheat, cassava, and maize.

The minister said the President also recently released 42,000 metric tons of grains, 60,000 metric tons of rice into the market.

Edun said the measures were to alleviate the food insecurity (NAN)

Edited by Rotimi Ijikanmi